‘Obamacare’ celebrated a birthday this week (3/23/2010). Since then, individuals buying health insurance on their own got a pretty good deal IF  they were younger or, qualified for Marketplace tax credits; i.e., for those with incomes less than 400% of federal poverty levels (2021 shown here).

The American Rescue Plan Act enhances those subsides for all ages, but goes one step further.

Now individuals will be required to contribute no more than 8.5% of household income toward the ‘benchmark’ plan.

Here’s one example.

The 2021 premium (benchmark plan) for a 64 year old is $12,698. Previously, if they earned 401% of FPL, they paid it all (amounting to 25% of income). Now, tax credits limit their cost to $4,394 (8.5%).

The Kaiser Family Foundation “Health Insurance Marketplace Calculator” has been updated with estimates of premiums net of the new subsidies.

BTW. There is a COVID Open Enrollment now through May 15^th.

That makes now a good time to revisit coverage.

If only I knew the name of someone who could help!